Sep
20
2009

More 'News' from WaPo's 'Exciting Alternate Universe'

Under the headline "Washington Post Publishes More Information About Exciting Alternate Universe," A Tiny Revolution blogger Jonathan Schwarz (9/13/09) lets us know that, while "lots of banks had to get a bailout from the federal government," do "you know who didn't? The ultra-smart guys at BlackRock investment management, that's who"–at least according to the September 13 Post, which featured this passage: BlackRock emerged as one of their principal advisers as the agencies bailed out major companies and tried to put a price on their toxic assets. BlackRock is also managing tens of billions of dollars worth of AIG assets for […]

Aug
10
2009

At WaPo, 'Others Tell Readers What "Populists" Think'

Economist Dean Baker (Beat the Press, 8/9/09) sees the Washington Post as simply "keeping with its strict editorial policy of only letting others tell readers what 'populists' think," when publishing its August 9 "front-page article on setting executive compensation at banks receiving bailout money"–one which "never presented the views of an actual populist." Instead, Baker writes "readers got to see the comment of Robert Profusek, a lawyer at Jones Day who is identified as having advised major banks on compensation matters," and Linda Rappaport, "head of the executive compensation practice at the firm Shearman & Sterling"–both of whom unsurprisingly argue […]

Aug
05
2009

Bonuses vs. Starvation at the New York Times

A Tiny Revolution blogger Bernard Chazelle (8/2/09) thinks it's possible that "people fail to appreciate how tough it is to run the government." As evidence, he offers "two questions Treasury officials and politicians will soon have to answer": Should a Connecticut trader receive $100 million in executive pay from a bank that would be dead had it not received $45 billion in taxpayer money? Apparently, the guy's genius was to drive up the price of gas to $4 a gallon. Does he deserve 100 million bucks from you for that? Should unemployment benefits be extended for 1.5 million jobless Americans […]

Apr
22
2009

Empty Economic Rhetoric at the NYT

Asking a simple question about a large issue–"How Do Trillion Dollar Bank Bailouts Fit With 'Free-Market Fundamentalism?'"–Dean Baker (Beat the Press, 4/19/09) tells his readers that "the obvious answer is, they don't"–since, "if you are a free-market fundamentalist, then you are absolutely opposed to bank bailouts" that "involve taking taxpayer dollars and handing them to banks that would go belly up if left to the market": However simple this distinction might seem, it somehow escaped the NYT, which discussed the policies promoted in recent decades as though they could be plausibly described as "free-market fundamentalism." It should be perfectly apparent […]